Tag Archives: FTX Exchange

Scott Minerd – CIO and Chairman of Guggenheim Partners – believes the demise of crypto exchange FTX will cause more problems for companies and investors. He reiterated his stance that market crashes could be beneficial for the industry because they could eliminate meaningless projects. Buckle up for More Trouble According to Minerd, the domino effect that the FTX bankruptcy triggered might continue in the near future affecting other entities: “There’s another shoe to drop – I...

Sam Bankman-Fried – the former CEO of defunct crypto exchange FTX – will supposedly reverse his decision to contest extradition to the US. According to a Reuters report, SBF will appear before the court in the Bahamas on Monday, December 19. Bankman-Fried is currently held at a correctional facility in the Bahamas following his arrest on December 13. He faces multiple charges, including criminal, and is being investigated by the DOJ, SEC, and the CFTC. It was previously said...

Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse.  The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying to Reimburse Victims As announced on Twitter, the Series C fundraiser was led by Fenbushi Capital US. Amber Group said the...

The Commodities and Futures Trading Commission (CFTC) had alleged that Alameda Research was offered a secret “time advantage” when executing trades at the defunct crypto exchange FTX.  The revelation adds to a growing list of claims and evidence suggesting that FTX and Alameda were not nearly as independent as once publicly portrayed.  The Alameda Advantage As reported by Bloomberg, Alameda was able to skirt and sidestep certain aspects of FTX’s trading procedures and...

On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF, now inmate 1472, must spend Christmas in a Bahamian correctional facility, per Magistrate Ferguson-Pratt’s...

FTX’s bankruptcy attorney and new CEO, John Ray, spoke to the House Financial Services Committee on Friday to break down some of the internal details of the exchange’s fallout.  Ray said that FTX customers’ assets were used by Alameda Research for margin trading, confirming a long-held suspicion about the two companies that former boss Sam Bankman-Fried (SBF) has been hesitant to admit.  Confirming the Fraud During his preliminary remarks, Ray said that while his...

Popular Youtuber Nicholas Merten (DataDash) argued that investors have not rushed to “buy the dip” on worries of the inflation numbers, which clocked in lower than the expectations earlier today. Based on his research, the number of people buying and selling BTC has been dropping each week recently, which indicates that its price will likely continue to fall.  More Pain Coming In his most recent video, Merten claimed that the traditional bear market for bitcoin is yet to...

Satoshi Nakamoto was last active on the popular and veteran bitcointalk forum on this date 13 years ago. Nakamoto did not want to be a “mysterious shadowy figure.” Instead, the creator of the world’s largest crypto-asset wanted to focus on the open-source project and give more credit to the dev contributors. Source: Bitcointalk“More Work To Do” Over a decade later, the identity of Satoshi Nakamoto continues to be an unsolved mystery. The Bitcoin creator contributed...

Every day, the crypto ecosystem finds evidence of unethical practices by Sam Bankman-Fried and/or his team. However, the founder of FTX and Alameda Research denies his responsibility for the sudden failure of his businesses, stating that he was unaware of any wrongdoing. But who’s responsible? Sam already has somebody in mind. In an interview with Forbes on December 12, Sam Bankman-Fried, the former CEO of FTX, once again blamed Binance CEO Changpeng Zhao for the failure of...

Goldman Sachs published a research note on Friday covering blockchain technology and the recent demise of the crypto exchange FTX. The investment banking giant believes regulation is “needed at the point of trust” within the centralized elements of the blockchain industry – rather than on the blockchain itself – to prevent similar instances of widespread fraud in the future.  The Point of Trust Per the company’s report, FTX’s collapse does not represent a failure of the...